By Anjali Kochhar
Despite robust early acceptance, the full-scale vision of the metaverse is probably more than ten years away, according to a report released this week by Nasscom and McKinsey, despite robust early acceptance.
As per the report titled “Metaverse – Prepared to Win,” consumer and business metaverse adoption trends are comparable to those of early-stage internet and artificial intelligence adoption.
According to the report, there is a developing general consensus regarding the distinctive features of the metaverse.
Persistent, immersive virtual worlds, interoperability, concurrency, and users having agency are the four characteristics that define the metaverse, the report said.
The report further said although some organisations have started integrating metaverse use cases, the technology’s ability to scale up will depend on things like clarity surrounding return on investments, technological readiness, talent readiness, and the capacity to address social issues.
The potential of Metaverse use cases is beginning to reflect in the proliferation of POCs across sectors, even though a slowdown may be predicted given the macroeconomic backdrop.
Sangeeta Gupta, senior vice president at NASSCOM said that three major themes—customer interaction, employee engagement, and manufacturing and design—are being noticed in the use cases.
She added that businesses worldwide are experimenting with metaverses as a way of reaching Gen Z and Gen Alpha early in their digital journeys.
According to Gupta, the ‘transformative’ potential of metaverse technology will be evaluated by its effects on data privacy, inclusiveness, health, and energy & sustainability.
The investments based on the metaverse and merger and acquisition agreements totaled more than USD 120 billion in the first half of 2022.
According to the report, although the term “metaverse” has been around for almost 20 years, the technology has just recently become widely known. Facebook recently changed its name to Meta to emphasize the importance of metaverse technologies to the corporation.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.